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Unemployment persistence in Europe : evidence from the 27 EU countries
Caporale, Guglielmo Maria; Gil-Alaña, Luis A.; Trejo, … - 2021
in others and not changing in a minority of cases. On the whole, our results support the hysteresis hypothesis for the …
Persistent link: https://www.econbiz.de/10012668044
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The effects of monetary policy on unemployment dynamics under model uncertainty : evidence from the US and the Euro area
Altavilla, Carlo; Ciccarelli, Matteo - 2009
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10003813633
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Monetary persistence and the labor market : a new perspective
Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis J. - 2010
In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business...
Persistent link: https://www.econbiz.de/10003937114
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Exports and capacity constraints : evidence for several euro area countries
Belke, Ansgar; Oeking, Anne; Setzer, Ralph - 2015
evidence of the importance of sunk costs and hysteresis in international trade. …
Persistent link: https://www.econbiz.de/10011300368
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Export hysteresis, capacity constraints and uncertainty : a smooth-transition analysis for euro area member countries
Belke, Ansgar; Wagemester, Jan - 2017
We argue that, under certain conditions described by a sunk cost hysteresis model, firms consider exports as a … evidence of the importance of sunk costs and hysteresis in international trade in these EMU member countries. What is more, our … and Portugal) the results underscore the empirical validity of the export hysteresis under uncertainty model. …
Persistent link: https://www.econbiz.de/10011718600
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Switching-track after the great recession
Vinci, Francesca; Licandro, Omar - 2021
We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
Persistent link: https://www.econbiz.de/10012533939
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Unemployment benefits, contract length and nominal wage flexibility
Calmfors, Lars; Johansson, Åsa - 2001
We show in a union-bargaining model that a decrease in the unemployment benefit level increases not only equilibrium employment, but also nominal wage flexibility, and thus reduces employment variations in the case of nominal shocks. Long-term wage contracts lead to highter expected real wages...
Persistent link: https://www.econbiz.de/10011399303
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The rise and fall of Swedish unemployment
Holmlund, Bertil - 2003
in NAIRU but do not appear as promising explanations of the events of the early 1990s. The fall in unemployment in the … NAIRU. …
Persistent link: https://www.econbiz.de/10011507743
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Heterogeneity and persistence in returns to wealth
Fagereng, Andreas; Guiso, Luigi; Malacrino, Davide; … - 2018 - This version: May 2018
We provide a systematic analysis of the properties of individual returns to wealth using twelve years of population data from Norway's administrative tax records. We document a number of novel results. First, during our sample period individuals earn markedly different average returns on their...
Persistent link: https://www.econbiz.de/10011864456
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Persistence and cyclical dependence in the monthly Euribor rate
Caporale, Guglielmo Maria; Gil-Alaña, Luis A. - 2011
This paper analyses two well-known features of interest rates, namely their time dependence and their cyclical structure. Specifically, it focuses on the monthly Euribor rate, using monthly data from January 1994 to May 2011. Models based on fractional integration at the long run or zero...
Persistent link: https://www.econbiz.de/10009380406